Indian Stock Market Update: 16 March

The Indian stock market benchmarks, Sensex and Nifty 50, experienced significant losses around noon on 16 March amid concerns over crude oil prices above $100 per barrel, driven by the US-Iran war, heavy foreign capital outflow, and growing concerns over the economic ramifications of the conflict in the Middle East.

Market Performance

The Nifty 50 rose by approximately 0.60% but quickly reversed and plunged almost 1%. The Sensex fell more than 1,000 points from its day's high.

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Top Traded Stocks

The following stocks were among the most traded on the NSE around 11:30 am:

• Vodafone Idea: Over 33 crore shares changed hands, with the stock jumping more than 5% during the session. On a weekly basis, the telecom stock plunged 8% last week.
• IDBI Bank: More than 7 crore shares had changed hands, with the stock crashing more than 16% during the session amid reports that the Indian government has scrapped plans to divest the PSU banking stock.
• YES Bank: Over 6 crore shares had changed hands, with the stock declining more than 3% intraday, looking set to extend losses for the fourth consecutive session.
• Suzlon Energy: More than 5 crore shares changed hands as the stock climbed about 2%, but traded volatile.
• Adani Power: Adani Power shares climbed more than 5% as more than 5 crore shares changed hands after the company received a letter of award from Maharashtra State Electricity Distribution Company Limited for the supply of 1600 MW thermal power under a long-term power supply agreement.

Key Figures

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

• Crude oil prices: Above $100 per barrel
• Sensex: Fell more than 1,000 points from its day's high
• Nifty 50: Rose by approximately 0.60% but quickly reversed and plunged almost 1%
• Vodafone Idea: Over 33 crore shares changed hands
• IDBI Bank: More than 7 crore shares had changed hands
• YES Bank: Over 6 crore shares had changed hands
• Suzlon Energy: More than 5 crore shares changed hands
• Adani Power: More than 5 crore shares changed hands